Capital Intensity
Score how much of a company is physical plant, inventory, and equipment, whether that base is being maintained, and whether the shares have tangible backing.
HCI Group Inc
Banks, insurers, and other financials hold few plants and little inventory, so a physical-asset screen is a poor fit. The ratios below are still the latest annual figures. Capex is 0.32x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash.
Fixed-asset turnover is 31.13x. Compare it with other names in the same basket.
Physical asset ratio
1.1%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$28.94MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$2.53BtotalAssetsInventory was not reported and is treated as zero.Result 1.1%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
31.13xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$900.95MtotalRevenueNet PP&E$28.94MpropertyPlantEquipmentResult 31.13x
Revenue per dollar of the physical asset base.
Capex / D&A
0.32xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$3.63McapitalExpendituresD&A$11.22MdepreciationAndAmortizationResult 0.32x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$81.68Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.53BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$62.41MintangibleAssetsLiabilities$1.41BtotalLiabTangible book$1.05BShares12,883,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $81.68
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
2.26xPrice / tangible bookPrice / tangible book per sharePrice$184.92Latest quoteTangible book / share$81.682025-12-31Result 2.26x
Price $184.92.
Fixed-charge coverage
9.88xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$449.70MebitdaCapex$3.63McapitalExpendituresInterest$9.16MinterestExpenseShort-term debt$36.00MshortTermDebtEBITDA − capex$446.07MPrincipal due is short-term debt.Result 9.88x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
18.6%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$444.45MfreeCashFlowMarket cap$2.39BMarketCapitalizationResult 18.6%
Latest free cash flow divided by current market cap ($2.39B).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$429.33MoperatingIncomeTax expense$108.94MincomeTaxExpensePretax income$429.33MincomeBeforeTaxTax rate25.4%Equity$1.04BtotalStockholderEquityDebt$67.88MshortLongTermDebtTotalCash$1.24BcashAndShortTermInvestmentsInvested capital—Result —
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 14.84x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | -43.6%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$13.34MpropertyPlantEquipmentInventory-$376.64MinventoryTotal assets$832.86MtotalAssetsResult -43.6% | 17.34xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$231.29MtotalRevenueNet PP&E$13.34MpropertyPlantEquipmentResult 17.34x | 0.24xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$2.60McapitalExpendituresD&A$11.00MdepreciationAndAmortizationResult 0.24x | $22.37Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$832.86MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$4.80MintangibleAssetsLiabilities$651.42MtotalLiabTangible book$176.64MShares7,895,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $22.37 | 2.95xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$55.99MebitdaCapex$2.60McapitalExpendituresInterest$18.10MinterestExpenseShort-term debt$0.00shortTermDebtEBITDA − capex$53.40MPrincipal due is short-term debt.Result 2.95x | $26.00MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$28.60MtotalCashFromOperatingActivitiesCapex$2.60McapitalExpendituresFree cash flow$26.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $26.00M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$26.90MoperatingIncomeTax expense$9.18MincomeTaxExpensePretax income$26.90MincomeBeforeTaxTax rate34.1%Equity$181.44MtotalStockholderEquityDebt$250.15MshortLongTermDebtTotalCash$488.66McashAndShortTermInvestmentsInvested capital—Result — | 2.02xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$26.90MoperatingIncomeNet PP&E$13.34MpropertyPlantEquipmentResult 2.02x |
| 2019 | -38.8%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$15.18MpropertyPlantAndEquipmentNetInventory-$326.23MinventoryTotal assets$802.61MtotalAssetsResult -38.8% | 15.90xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$241.38MtotalRevenueNet PP&E$15.18MpropertyPlantAndEquipmentNetResult 15.90x | 0.32xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$2.89McapitalExpendituresD&A$8.94MdepreciationAndAmortizationResult 0.32x | $17.71Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$802.61MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$4.19MintangibleAssetsLiabilities$617.07MtotalLiabTangible book$181.35MShares10,238,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $17.71 | 2.43xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$57.93MebitdaCapex$2.89McapitalExpendituresInterest$12.90MinterestExpenseShort-term debt$9.75MshortLongTermDebtEBITDA − capex$55.05MPrincipal due is the current portion of debt.Result 2.43x | $51.16MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$54.05MtotalCashFromOperatingActivitiesCapex$2.89McapitalExpendituresFree cash flow$51.16MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $51.16M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$36.09MoperatingIncomeTax expense$9.52MincomeTaxExpensePretax income$36.09MincomeBeforeTaxTax rate26.4%Equity$185.54MtotalStockholderEquityDebt$173.96MshortLongTermDebtTotalCash$432.55McashAndShortTermInvestmentsInvested capital—Result — | 2.38xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$36.09MoperatingIncomeNet PP&E$15.18MpropertyPlantAndEquipmentNetResult 2.38x |
| 2020 | -55.5%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$16.77MpropertyPlantAndEquipmentNetInventory-$539.44MinventoryTotal assets$941.31MtotalAssetsResult -55.5% | 16.44xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$275.73MtotalRevenueNet PP&E$16.77MpropertyPlantAndEquipmentNetResult 16.44x | 0.74xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$6.44McapitalExpendituresD&A$8.75MdepreciationAndAmortizationResult 0.74x | $20.38Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$941.31MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$3.57MintangibleAssetsLiabilities$740.18MtotalLiabTangible book$197.57MShares9,694,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $20.38 | 1.44xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$57.25MebitdaCapex$6.44McapitalExpendituresInterest$11.58MinterestExpenseShort-term debt$23.75MshortLongTermDebtEBITDA − capex$50.81MPrincipal due is the current portion of debt.Result 1.44x | $70.87MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$77.31MtotalCashFromOperatingActivitiesCapex$6.44McapitalExpendituresFree cash flow$70.87MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $70.87M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$36.93MoperatingIncomeTax expense$9.35MincomeTaxExpensePretax income$36.93MincomeBeforeTaxTax rate25.3%Equity$201.14MtotalStockholderEquityDebt$184.28MshortLongTermDebtTotalCash$503.06McashAndShortTermInvestmentsInvested capital—Result — | 2.20xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$36.93MoperatingIncomeNet PP&E$16.77MpropertyPlantAndEquipmentNetResult 2.20x |
| 2021 | -59.0%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$16.44MpropertyPlantEquipmentInventory-$711.24MinventoryTotal assets$1.18BtotalAssetsResult -59.0% | 24.49xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$402.55MtotalRevenueNet PP&E$16.44MpropertyPlantEquipmentResult 24.49x | 0.60xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$3.32McapitalExpendituresD&A$5.55MdepreciationAndAmortizationResult 0.60x | $47.07Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.18BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$10.64MintangibleAssetsLiabilities$762.40MtotalLiabTangible book$403.82MShares8,580,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $47.07 | 0.93xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$23.08MebitdaCapex$3.32McapitalExpendituresInterest$6.30MinterestExpenseShort-term debt$15.00MshortLongTermDebtEBITDA − capex$19.77MPrincipal due is the current portion of debt.Result 0.93x | $93.19MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$96.50MtotalCashFromOperatingActivitiesCapex$3.32McapitalExpendituresFree cash flow$93.19MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $93.19M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$11.23MoperatingIncomeTax expense$3.99MincomeTaxExpensePretax income$11.23MincomeBeforeTaxTax rate35.5%Equity$323.37MtotalStockholderEquityDebt$62.71MshortLongTermDebtTotalCash$671.53McashAndShortTermInvestmentsInvested capital—Result — | 0.68xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$11.23MoperatingIncomeNet PP&E$16.44MpropertyPlantEquipmentResult 0.68x |
| 2022 | -28.8%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$18.69MpropertyPlantAndEquipmentNetInventory-$537.43MinventoryTotal assets$1.80BtotalAssetsResult -28.8% | 26.33xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$491.99MtotalRevenueNet PP&E$18.69MpropertyPlantAndEquipmentNetResult 26.33x | 1.27xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$10.14McapitalExpendituresD&A$8.01MdepreciationAndAmortizationResult 1.27x | $27.70Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.80BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$10.58MintangibleAssetsLiabilities$1.55BtotalLiabTangible book$244.23MShares8,817,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $27.70 | -6.59xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$52.77MebitdaCapex$10.14McapitalExpendituresInterest$7.64MinterestExpenseShort-term debt$1.90MshortTermDebtEBITDA − capex-$62.91MPrincipal due is short-term debt.Result -6.59x | -$10.15MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow-$12.00KtotalCashFromOperatingActivitiesCapex$10.14McapitalExpendituresFree cash flow-$10.15MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$10.15M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$68.42MoperatingIncomeTax expense-$13.82MincomeTaxExpensePretax income-$68.42MincomeBeforeTaxTax rate—Equity$162.60MtotalStockholderEquityDebt$212.41MshortLongTermDebtTotalCash$500.22McashAndShortTermInvestmentsInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -3.66xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-$68.42MoperatingIncomeNet PP&E$18.69MpropertyPlantAndEquipmentNetResult -3.66x |
| 2023 | -71.1%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$30.66MpropertyPlantEquipmentInventory-$1.32BinventoryTotal assets$1.81BtotalAssetsResult -71.1% | 17.94xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$550.01MtotalRevenueNet PP&E$30.66MpropertyPlantEquipmentResult 17.94x | 0.79xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$6.50McapitalExpendituresD&A$8.18MdepreciationAndAmortizationResult 0.79x | $37.64Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.81BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$7.66MintangibleAssetsLiabilities$1.39BtotalLiabTangible book$415.67MShares11,044,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $37.64 | 10.41xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$136.87MebitdaCapex$6.50McapitalExpendituresInterest$11.12MinterestExpenseShort-term debt$1.41MshortTermDebtEBITDA − capex$130.37MPrincipal due is short-term debt.Result 10.41x | $224.16MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$230.66MtotalCashFromOperatingActivitiesCapex$6.50McapitalExpendituresFree cash flow$224.16MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $224.16M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$117.65MoperatingIncomeTax expense$28.39MincomeTaxExpensePretax income$117.65MincomeBeforeTaxTax rate24.1%Equity$324.84MtotalStockholderEquityDebt$209.90MshortLongTermDebtTotalCash$770.50McashAndShortTermInvestmentsInvested capital—Result — | 3.84xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$117.65MoperatingIncomeNet PP&E$30.66MpropertyPlantEquipmentResult 3.84x |
| 2024 | 1.4%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$31.55MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$2.23BtotalAssetsInventory was not reported and is treated as zero.Result 1.4% | 23.76xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$749.45MtotalRevenueNet PP&E$31.55MpropertyPlantAndEquipmentNetResult 23.76x | 0.94xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$4.05McapitalExpendituresD&A$4.30MdepreciationAndAmortizationResult 0.94x | $36.56Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.23BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$5.21MintangibleAssetsLiabilities$1.76BtotalLiabTangible book$463.84MShares12,686,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $36.56 | 12.87xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$191.01MebitdaCapex$4.05McapitalExpendituresInterest$13.34MinterestExpenseShort-term debt$1.19MshortTermDebtEBITDA − capex$186.96MPrincipal due is short-term debt.Result 12.87x | $327.76MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$331.82MtotalCashFromOperatingActivitiesCapex$4.05McapitalExpendituresFree cash flow$327.76MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $327.76M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$173.43MoperatingIncomeTax expense$45.85MincomeTaxExpensePretax income$173.43MincomeBeforeTaxTax rate26.4%Equity$453.33MtotalStockholderEquityDebt$186.44MshortLongTermDebtTotalCash$1.05BcashAndShortTermInvestmentsInvested capital—Result — | 5.50xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$173.43MoperatingIncomeNet PP&E$31.55MpropertyPlantAndEquipmentNetResult 5.50x |
| 2025 | 1.1%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$28.94MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$2.53BtotalAssetsInventory was not reported and is treated as zero.Result 1.1% | 31.13xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$900.95MtotalRevenueNet PP&E$28.94MpropertyPlantEquipmentResult 31.13x | 0.32xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$3.63McapitalExpendituresD&A$11.22MdepreciationAndAmortizationResult 0.32x | $81.68Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.53BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$62.41MintangibleAssetsLiabilities$1.41BtotalLiabTangible book$1.05BShares12,883,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $81.68 | 9.88xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$449.70MebitdaCapex$3.63McapitalExpendituresInterest$9.16MinterestExpenseShort-term debt$36.00MshortTermDebtEBITDA − capex$446.07MPrincipal due is short-term debt.Result 9.88x | $444.45MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$446.74MtotalCashFromOperatingActivitiesCapex$3.63McapitalExpendituresFree cash flow$444.45MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $444.45M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$429.33MoperatingIncomeTax expense$108.94MincomeTaxExpensePretax income$429.33MincomeBeforeTaxTax rate25.4%Equity$1.04BtotalStockholderEquityDebt$67.88MshortLongTermDebtTotalCash$1.24BcashAndShortTermInvestmentsInvested capital—Result — | 14.84xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$429.33MoperatingIncomeNet PP&E$28.94MpropertyPlantEquipmentResult 14.84x |
- Inventory was missing and treated as zero in the physical asset ratio.
- Receivables are larger than the physical asset base, so a finance or credit book may sit outside the physical ratio and inside the debt used for coverage.
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $28.94M
Inventory: $0.00
Total assets: $2.53B
Goodwill: $0.00
Intangibles: $62.41M
Liabilities: $1.41B
Tangible book: $1.05B
Shares: 12,883,000
Revenue: $900.95M
Capex: $3.63M
D&A: $11.22M
EBITDA: $449.70M
Interest: $9.16M
Short-term debt: $36.00M
Free cash flow: $444.45M
Operating income: $429.33M
Invested capital: —
Tax rate: 25.4%